英文【Bernstein】全球视频游戏：夏季游戏节之后的快速思考

9 June 2025Global Video GamingGlobal Video Gaming: RE9uiem... quick thoughts post SummerGame FestRobin Zhu+852 2123 2659robin.zhu@bernsteinsg.comCharlie Peng+81 3 6777 6993charlie.peng@bernsteinsg.comCharles Gou+852 2123 2618charles.gou@bernsteinsg.comMin-Joo Kang+852 2123 2644minjoo.kang@bernsteinsg.comRefreshing the new launch runway. Over the past week or so, PlayStation's State ofPlay and Summer Game Fest presented dozens of new game trailers, including in manycases updates to release timing. This brief note summarises our snap reactions from thepresentations, and our discussions with investors during a week on the road.Grace… Grace! Capcom’s 2026 is looking off the charts. Capcom was the indisputablewinner of the summer showcase season, in our view. Pragmata was our pick for thebest State of Play presentation, confirming a 2026 launch. We got another update forOnimusha: Way of the Sword. Resident Evil Requiem then put the bow on Summer GameFest, confirming a February 2026 launch, leaving “why only 8mn new units” as the mainoutstanding question on Capcom’s FY3/26 outlook.Nintendo: the Switch 2 is sold out. Nintendo was notably mostly absent during thesesummer previews, typically preferring to unveil new games in its own Direct. But the pastweek did feature the small matter of the Switch 2 launch. Between midnight queues for theSwitch 2 hardware, Nintendo sending retailers official “out of stock” signs, a 90 Metacriticscore for Mario Kart World, and journalists close to Nintendo claiming 3mn(!) units of launchday sales, the next generation of Nintendo gaming looks in good hands.Bandai Namco: life after FromSoftware? Code Vein II was Bandai Namco’s biggestsummer unveil, and looked interesting… but did not come with a release date. The lastgame launched in 2019, and sold over 3mn units. Bandai Namco’s other announcements(Digimon Story Time Stranger, Towa and the Guardians of the Sacred Tree) felt morequantity over quality. Little Nightmares III and The Blood of Dawnwalker were absent.Square Enix: not the Final Fantasy we were hoping for. Final Fantasy Tactics is… okay?But hardly on the level of other titles speculated to be in development (e.g. Kingdom HeartsIV, Dragon Quest XII, Final Fantasy IX). An October launch was confirmed for Dragon QuestI & II Remake, while Killer Inn felt like an overly-elaborate take on the Among Us formula. Weremain concerned by the state of Square Enix’s game development organisation.Nexon’s strange Arc Raiders snafu. Arc Raiders was confirmed for an October 30release. This was a little later than we’d assumed, and Embark was bizarrely forced into apublic apology following backlash from the Arc Raiders community (which had becomeconvinced the game would be shadow-dropped at SGF). But at least the game is finallyhere. Whether Embark can do better on retention post launch will be the next test.Tencent… Tencent everywhere. This year’s summer showcases were a good illustrationof Tencent’s video gaming investment strateg